Mon Nov 04 16:13:39 UTC 2024: ## Swiggy Set to Make D-Street Debut with Rs 11,000 Crore IPO

Food delivery giant Swiggy is set to launch its initial public offering (IPO) on Wednesday, November 6th, aiming to raise over Rs 11,000 crore. The IPO, backed by SoftBank, will see shares trading at a grey market premium (GMP) of Rs 405, indicating strong investor interest.

The price band for the IPO has been set at Rs 371 to Rs 390 per share, and the company plans to utilize the funds for several key initiatives. These include investments in its material subsidiary, Scootsy, as well as bolstering technology and cloud infrastructure, brand marketing, and business promotion.

Swiggy will offer a combination of fresh shares and an offer for sale (OFS) to raise the targeted amount. 75% of the shares are reserved for qualified institutional bidders (QIB), 15% for non-institutional investors, and 10% for retail investors, with a special employee reservation of 750,000 shares offered at a discount.

Several prominent investors, including Accel India IV, Apoletto Asia, Alpha Wave Ventures, and Tencent Cloud Europe, are among those selling their shares through the OFS.

The IPO will be managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities, and ICICI Securities. Link Intime India Private Ltd is the registrar for the issue.

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